Standard of Responsibility Sample Clauses

The Standard of Responsibility clause defines the level of care, diligence, or performance expected from a party under a contract. Typically, it sets out whether a party must act with reasonable care, best efforts, or another specified standard when fulfilling their obligations. For example, it may require a service provider to perform duties to the same standard as a competent professional in their field. This clause ensures clarity about performance expectations and helps allocate risk by establishing when a party may be liable for failing to meet the agreed standard.
Standard of Responsibility. When managing the Client’s monies under the terms of this Demand and Term Deposits Master Agreement, WatersEdge shall exercise ordinary business care and prudence under the facts and circumstances prevailing at the time of the action or decision.
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Standard of Responsibility. The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: (i) this paragraph (c) does not limit the effect of paragraph (b) of this Section 7.01; (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof.
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Standard of Responsibility. When managing the Client’s monies under the terms of this Ministry Funds Management Master Agreement, the Foundation shall exercise ordinary business care and prudence under the facts and circumstances prevailing at the time of the action or decision.
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Standard of Responsibility. When managing the Client’s monies under the terms of this Church
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Standard of Responsibility. The SBTF shall invest and reinvest the funds entrusted to it and the accumulation thereon as the SBTF deems appropriate and otherwise pursuant to the Client’s instruction and the SBTF Fund Management Policy; provided, however, that if the SBTF invests any portion of the funds pursuant to the instructions of the Client, the SBTF shall not be liable for any loss or any other unfavorable result arising therefrom. The SBTF agrees that in all cases it will use its best judgment in investment policies and administration but does not guarantee maintenance of corpus or income, and the SBTF shall incur no liability in any case except for its own willful misconduct or gross negligence.
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Standard of Responsibility. (a) The General Partner shall be obliged to perform the duties, responsibilities and obligations of the operator of the Partnership Assets under the terms and provisions hereof and the Operating Agreement Terms, but shall only be required to perform the same to the extent that funds therefor have been furnished by the Partnership to the General Partner as provided in this Agreement. (b) Except as set out in Section 7.3(d), neither General Partner nor any other Indemnitee shall bear (except as a Partner to the extent of its Partnership Share) any Liability resulting from performing (or failing to perform) the duties and functions of General Partner or as Operator under the terms hereof or the Operating Agreement Terms, and the Indemnitees are hereby released from liability to the Partnership for any and all Liabilities arising out of, incident to or resulting from such performance or failure to perform, EVEN THOUGH CAUSED IN WHOLE OR IN PART BY A PRE-EXISTING DEFECT, OR THE -------------------------------------------------------------------------------- NEGLIGENCE (WHETHER SOLE, JOINT OR CONCURRENT), GROSS NEGLIGENCE, WILLFUL -------------------------------------------------------------------------------- MISCONDUCT, STRICT LIABILITY OR OTHER LEGAL FAULT OF GENERAL PARTNER (OR ANY -------------------------------------------------------------------------------- SUCH INDEMNITEE). ----------------- (c) Except as set out in Section 7.3(d), the Partnership shall defend and indemnify the General Partner, the successors and permitted assigns of the General Partner, the General Partner's Affiliates, the Project Manager, any officers of the Partnership, and each of their respective directors, officers, agents, representatives, and employees (collectively, the "Indemnitees"), from any and all Liabilities incident to claims, demands or causes of action brought by or on behalf of any Person, which claims, demands or causes of action arises out of, are incident to or result from performing any operation under this Agreement or the Operating Agreement Terms, EVEN THOUGH CAUSED IN WHOLE OR IN --------------------------------- PART BY A PRE-EXISTING DEFECT, OR THE NEGLIGENCE (WHETHER SOLE, JOINT OR -------------------------------------------------------------------------------- CONCURRENT), GROSS NEGLIGENCE, WILLFUL MISCONDUCT, STRICT LIABILITY OR OTHER -------------------------------------------------------------------------------- LEGAL FAULT OF GENERAL PARTNER (OR SUCH ...
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Standard of Responsibility. MMC further agrees to use all necessary and reasonable measures and to exercise the care of a fiduciary in all aspects of the receipt, possession and disposition of the Financing Payments.
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Related to Standard of Responsibility

  • Scope of Responsibility Notwithstanding any provision to the contrary, the Escrow Agent is obligated only to perform the duties specifically set forth in this Escrow Agreement, which shall be deemed purely ministerial in nature. Under no circumstances will the Escrow Agent be deemed to be a fiduciary to any Party or any other person under this Escrow Agreement. The Escrow Agent will not be responsible or liable for the failure of any Party to perform in accordance with this Escrow Agreement. The Escrow Agent shall neither be responsible for, nor chargeable with, knowledge of the terms and conditions of any other agreement, instrument, or document other than this Escrow Agreement, whether or not an original or a copy of such agreement has been provided to the Escrow Agent; and the Escrow Agent shall have no duty to know or inquire as to the performance or nonperformance of any provision of any such agreement, instrument, or document. References in this Escrow Agreement to any other agreement, instrument, or document are for the convenience of the Parties, and the Escrow Agent has no duties or obligations with respect thereto. This Escrow Agreement sets forth all matters pertinent to the escrow contemplated hereunder, and no additional obligations of the Escrow Agent shall be inferred or implied from the terms of this Escrow Agreement or any other agreement.

  • Areas of Responsibility The lateral and vertical limits of the respective areas of responsibility are as follows:

  • Allocation of Responsibility The City assumes no responsibility for the tax consequences of any VEBA contributions made by or on behalf of any member. Each union that elects to require VEBA contributions for the benefit of its members assumes sole responsibility for insuring that the VEBA complies with all applicable laws, including, without limitation, the Internal Revenue Code, and agrees to indemnify and hold the City harmless for any taxes, penalties and any other costs and expenses resulting from such contributions.

  • Limitation of Responsibility Notwithstanding any other provisions ---------------------------- hereof, Committee Members shall be liable to the parties only for actions constituting bad faith, gross negligence or breach of an express provision of this Agreement (so long as such breach remains uncured after ten (10) days of receiving notice of the nature of such breach). In all other respects, Committee Members shall not be liable for negligence or mistakes of judgment.

  • Waiver of responsibility 1. Any appraisal of the Programme undertaken before or after its approval by the FMC, does not in any way diminish the responsibility of the National Focal Point and the Programme Operator to verify and confirm the correctness of the documents and information forming the basis of the programme agreement. 2. Nothing contained in the programme agreement shall be construed as imposing upon the FMC or the FMO any responsibility of any kind for the supervision, execution, completion, or operation of the Programme or its projects. 3. The FMC does not assume any risk or responsibility whatsoever for any damages, injuries, or other possible adverse effects caused by the Programme or its projects including, but not limited to inconsistencies in the planning of the Programme or its projects, other project(s) that might affect it or that it might affect, or public discontent. It is the full and sole responsibility of the National Focal Point and the Programme Operator to satisfactorily address such issues. 4. Neither the National Focal Point, the Programme Operator, entities involved in the implementation of projects, nor any other party shall have recourse to the FMC for further financial support or assistance to the Programme in whatsoever form over and above what has been provided for in the programme agreement. 5. Neither the European Free Trade Association, its Secretariat, including the FMO, its officials or employees, nor the FMC, its members or alternate members, nor the EFTA States, can be held liable for any damages or injuries of whatever nature sustained by the National Focal Point or the Beneficiary State, the Programme Operator, Project Promoters or any other third person, in connection, be it direct or indirect, with this programme agreement. 6. Nothing in this programme agreement shall be construed as a waiver of diplomatic immunities and privileges awarded to the European Free Trade Association, its assets, officials or employees.